The following article was contributed by the Embassy of the Republic of Angola. ― Ed.

Angola is celebrating its 13th anniversary of a peace agreement that led the country to reconciliation on April 4, 2002. The Angolan people have overcome considerable barriers and external interference but through their perseverance and courage they achieved peace, having tremendous development nationwide since.

Angola has a rich subsoil heritage, from diamonds, oil, gold and copper, as well as a rich abundance of wildlife, forest and fossils. Oil and diamonds have been the country’s most important economic resource. That said, smallholder and plantation agriculture have begun to grow since 2002.

Angola established a relationship with Korea in 1992, after signing the general agreement on economic, technical and scientific cooperation. During this period, there were two sessions of a joint committee between both countries, and the second session was held in August 2009, where commitments were made to strengthen cooperation. Since 2005 the quantity of imports and exports between the two countries has increased, which is the fruit of close cooperation in various fields.

After peace was achieved on April 4, 2002, Angola has developed an ambitious program for development: Strengthening democracy and internal cohesion; developing institutional capacity and achieving significant improvements in governance; ensuring high economic growth and improving the quality of citizen’s lives; and national reconstruction. 

New houses, roads, bridges, railways, ports and airports were constructed and renewed across the country. Luanda International Airports is one of the projects that will be completed in 2017, surging as one of the largest and most modern airports in Africa. The new international airport in Luanda will be an important hub in regional and continental air traffic.

Angola also opened the Lobito transport corridor that starts in Lobito port in the Benguela province to the inland of Angola up to the regions rich in minerals in the Democratic Republic of Congo (DRC) and Zambia.

In Angola, the construction is ongoing of new cities and apartment centers.

In this environment of peace and stability, intelligent and realistic economic policies adopted by the Angolan government ― leading to the consolidation of macroeconomic stability and laying the foundations for sustained growth and development ― has allowed the economy to grow faster than any other economy in Africa and, indeed, the world.

Overall, Angola’s economy has undergone a period of transformation. It has been the fastest growing economy in Africa and one of the fastest in the world, with an average GDP growth of 20 percent between 2005 and 2007. From 2001 to 2013, Angola had the world’s highest average GDP annual growth at 11.1 percent. 

Diamonds and oil make up 60 percent of Angola’s economy, almost all its revenue and are its dominant export. 

Growth is almost entirely driven by oil production, which surpassed 1.4 million barrels per day in late 2005 and almost 2 million barrels per day by 2013. Control of the oil industry is consolidated in Sonangol Group, a conglomerate owned by the Angolan government. In December 2006, Angola was admitted as a member of OPEC. 

Although the global recession led to a minor economic downturn in Angola in 2009, security brought about by the 2002 peace settlement has led to the resettlement of 4 million displaced persons, and large-scale increases in agricultural production.

Last year, Angola organized the nationwide population and housing census estimating a population of 24 million inhabitants. Portuguese is the country’s official language.